Introduction

Having a method of recording your income is likely one of the main reasons you purchased your QuickBooks program. You need to be able to track your company's revenue and record income transactions so you know how well your company is performing. You need a vehicle whereby you can separate your income into appropriate accounts so that you can produce reliable financial statements that tell you where your company's strengths and weaknesses are. You need to be able to provide your customers with an opportunity to make down payments and partial payments, and you need to give them the right to receive refunds and credits for returned merchandise or unfulfilled obligations. You need to have the mechanism in place for recording amounts you deposit in your bank account. In this day and age, you need to be able to email an invoice to customers. If you incur expenses on behalf of a customer, you need to be able to charge those expenses to your customer. You also need to be able to assess finance charges for late payments.

All of this and more can be accomplished through the invoicing and collection services available in your QuickBooks program. This chapter explains how you can meet all of your revenue-collection obligations.